BYLAW - Borrowing of $168,970.00 - 19570107 - 130657MUNICIPALITY OF TOWN OF AURORA
. . 13ob BY-LAW NO ..................... .
WHEREAS the Council of the Corporation deems it
necessary to borrow the sum of One Hundred and Sixty Eight
Thousand, Nine Hundred and Seventy dollars to meet, until the
taxes are collected, the current expenditures of the Corporation
for the year;
AND WHEREAS the total amount of the estimated
reyenues of the Corporation as
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set forth in the estimates
adopted for the year 195p, not including revenues derivable
or derived from the sale of assets, borrowings or issuance of
d.ebentures or from a surplus, including arrears of taxes is
Two Hundred and Forty One Thousand, Three Hundred and Eighty
Five dollars.
AND WHEREAS the total amount heretofore authorized
to be borrowed this year for the purposes mentioned in sub-
section (1) of Section 341 of The Municipal Act is One Hundred
and Sixty Eigb t Thousand, Nine Hundred and Seventy dollars, d? ,;t..:>, ~~ 3
of which the Corporation has already borrowed a total of nil
dollars.
THEREFORE the Council of The Corporation of the Town
of Aurora hereby enacts as follows:
1~ The Head and the Treasurer are hereby authorized
on behalf of the Corporation to borrow from time to time, by way
of promissory note, from the Bank of Montreal, a sum or sums not
exceeding in the aggregate One Hundred and Sixty Eight Thousand;
Nine Hundred and Seventy dollars to meet; until the taxes are o<'~.S: 1o?J.
collected, the current expenditures of the Corporation for the
year, including the amounts required for the purposes mentioned
in subsection (1) of the said Section 341, and to give, on behalf
of the Corporation; to the Bank a promissory note or notes,
sealed with the corporate seal and signed by them for the moneys
so borrowed with interest at a rate not exceeding 5t per centum
per annum, which may be paid in adva~ce or otherwise.
2~ All sums borrowed from the said Bank, for any or all
of the purposes mentioned in the said Section 341, shall, with
interest thereon, be a charge upon the whole of the revenues of the
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Corporation tor the current year and tor all preceding years~ as
v~ and when such revenues are received.
3~ The Treasurer is hereby authorized and directed
to apply in payment o:f' all sums borrowed pursuant to the
authority o:f' this By.law, as well as all other sums borrowed in
. v{3 this year and any previous years, :f'rom the said Bank tor any
1.!1/wv V or all o:f' the purposes mentioned in the said Section 341,
together with interest thereon, all o:f' the moneys hereafter
collected or received on account. or r.ea.lized in respect o:f' the
taxes levied :f'or the current year and preceding years and all
ot the moneys collected or received :f'rom any other source, which
may lawfully be applied tor such purpose.
Passed this Seventh day o:f' January, 1957.
(Clerk)
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